(Source: Attorney General Joseph A. Foster) - Attorney General Joseph A. Foster today announced that borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a check this month for approximately $1,480.
"These checks come from a $1.5 billion payment pool that was negotiated and set aside as part of the National Mortgage Settlement," Attorney General Foster said. "These payments help compensate borrowers for the mortgage servicing abuses that they may have endured. I am pleased that the final payment amount, $1,480, is much higher than the minimum amount we first announced, which was $840." Attorney General Foster added that the payment does not limit a borrower from seeking relief through a separate lawsuit or other claims.
The initial estimate for New Hampshire's share of these payments was $4.5 million. Actual payments will exceed that estimate by approximately $1.5 million.
Nationally, the settlement administrator, Rust Consulting, will mail 962,278 valid claim payments from June 10 through June 17.
"These payments are part of our efforts to hold the banks accountable through the National Mortgage Settlement," Attorney General Foster said. "In addition to compensating borrowers for the servicing abuse that happened in the past, we're trying to stop these practices through the settlement's tough new mortgage servicing standards."
Attorney General's Mortgage Hotline - 866-522-4450